Categorized | Residential

Rent Prices on the Rise in Southern California

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Rent prices continue to increase in just about every Southern California County. Prices are expected to rise another ten percent by the end of next year. The increases in rent prices are expected to positively impact the state of the housing market.

 

The rental market in Southern California has thrived in recent years due to the many doubts that continue to surround the housing market. However, as rental prices grow at unprecedented rates, the housing market may finally start to benefit.

 

With more people gaining employment in the region, the demand for apartment living is on the rise. With a limited number of apartments available for rent, competition has caused prices to jump.

 

Just three years ago, the rental market was generally flat. The improving economy and increase in demand, though, has caused rental prices to surge. Rental affordability has, thus, become a major issue in counties in Southern California.

 

With renters now spending more of their income on their monthly rent, many people are now looking to the housing market to find a more affordable alternative for residency.

 

It is for that reason that analysts believe that recovery in the residential real estate market may come sooner than later in Southern California. Housing affordability is currently at record levels, as prices are depressed and mortgage loan rates are very low. The average rental price in Los Angeles County has already jumped more than six percent in the past year, and is now greater than one thousand six hundred dollars per month.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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